Westpac Flexi First Option vs Greater Bank Great Rate Home Loan

By Jasmine Gearie · · 3 min read
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An aerial view over suburban Newcastle, Australia.

Key points

  • Westpac’s lowest variable rate is its Flexi First Option Home Loan, with a discounted offer available if you apply online.
  • Greater Bank is a customer-owned bank and anyone can apply for its home loans – though the property must be located in New South Wales, Queensland or the ACT.
  • Greater’s rate for borrowers at 80% LVR beats Westpac’s rate at 70% LVR.

When it comes time to compare home loans, many of us will first turn to household names such as CommBank or Westpac. But, you shouldn’t be afraid to look beyond the Big Four when it comes to your mortgage – some big savings can be had if you do.

As far as home loans from major banks go, Westpac’s Flexi First Option Home Loan is one of the more competitive offers available. Its variable rate beats any other Big Four bank, but the catch is you need to apply online to get the lower rate.

At a time when house prices can be insanely expensive, customer-owned banks can offer a good alternative to the majors, and one that stands out in the Mozo database is Greater Bank’s Great Rate Home Loan.

Greater is one of many customer-owned banks in Australia, and its entry-level home loan offers a sharp variable rate and no ongoing fees, making it stand out among all the options listed in our data. An excellent discounted rate is available too if you take out a new loan of $150,000 or more, and have a loan-to-value ratio (LVR) of 80% or less.

In this article, we’re going to explore some of the similarities and differences between Westpac’s Flexi First Option Home Loan and Greater Bank’s Discount Great Rate Home Loan if you’re tossing up between the two.

Greater Bank Westpac
Home loan Greater Bank Great Rate Home Loan Westpac Flexi First Option Home Loan
Variable interest rate 5.19% p.a. (when borrowing up to 80%)

(discounted rate)		 5.34% p.a. (when borrowing 70-80%)

5.24% p.a. (when borrowing up to 70%)

(online only rate)
Comparison rate* 5.20% p.a. (when borrowing up to 80%) 5.35% p.a. (when borrowing 70-80%)

5.25% p.a. (when borrowing up to 70%)
Loan-to-value ratio (LVR) Up to 80% LVR for new buyers
Up to 80% LVR for refinancing		 Up to 80% LVR for new buyers
Up to 80% LVR for refinancing
Maximum loan term 30 years 30 years
Offset account No No
Extra repayments Yes, free and unlimited extra repayments Yes, free and unlimited extra repayments
Redraw facility Yes, free to redraw Yes, free to redraw
Cashback offer Yes No
Application process Online, in person or over the phone Online-only
Fees and charges $180 upfront fees

$0 ongoing fees

$300 discharge fees

Lenders mortgage insurance (LMI), government charges and third party fees may apply		 $0 upfront fees

$0 ongoing fees

$350 discharge fees

Lenders mortgage insurance (LMI), government charges and third party fees may apply
*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.20 % p.a.
    Go to site
    • Get up to $3,000 cashback when you apply online (T&Cs apply)
    • No paperwork or payslips required (see site for details)
    • Low variable rate

  • Special Online Offer Flexi First Option Home Loan

    • Owner occupier
    • Principal & Interest
    • 20-30% deposit
    • Redraw available
    Interest rate
    5.34 % p.a.
    Variable
    Comparison rate
    5.35 % p.a.
    No Partner link
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What other criteria do these home loans have?

Westpac’s Flexi First Option and Greater Bank’s Great Rate are open to owner occupiers and investors, though you’ll be hit with a higher interest if you’re using the loan for an investment property.

You’re also able to apply whether you’re taking out a new loan or refinancing your mortgage.

To apply for a home loan with Greater Bank, the property you’re buying must be located in New South Wales, Queensland or the Australian Capital Territory (ACT), but your residential address can be located anywhere in Australia.

Note you’ll need to borrow at least $150,000 and have a maximum LVR of 80% to qualify for Greater Bank’s discounted rate.

Next steps?

How do these home loans compare in terms of cost? Here’s a scenario to give you an idea of what your monthly repayments might look like with either home loan.

Home loan Variable rate (p.a.) Comparison rate* (p.a.) Monthly repayments Interest over 25 years Difference
Greater Bank Great Rate 5.19% 5.20% $4,468 $590,355 N/A
Westpac Flexi First Option 5.34% 5.35% $4,534 $610,281 $19,926
Source: Mozo database on 14 November, 2025. Rates are for an owner occupier with <80% LVR, making principal and interest repayments over 25 years on a $750,000 home loan.

If you’re still weighing up your options, you can compare Westpac and Greater Bank to some of the best home loans in our database, which includes dozens more customer-owned banks and Big Four alternatives.

Editor’s note: the information in this article is correct as at 14 November, 2025.

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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